Unfortunately, it'll only allow one to burn an ISO to a CD or DVD. It would be nice if it could create an ISO and mount it. Also, Vista currently allows you to share a DVD drive over the network, so I'm sure Windows 7 will. I've never tried installing software, but I can transfer files from my Vista PC DVD drive to my XP Notebook (it's painfully slow over my network, though). I use a really lightweight free app called ImgBurn for creating and burning ISO's. It can also be used for burning audio, dvd, and almost anything else. For mounting an ISO, I use the free version of Daemon Tools, works great.